< The 2015 All-Europe Research Team
Javier Garrido & team
J.P. Morgan Cazenove
First-place appearances: 0
Total appearances: 3
Team debut: 2008
Javier Garrido steers his four-member J.P. Morgan Cazenove crew to third place. The firm did not appear on this roster the past two years and has not previously ranked higher than runner-up, the position to which Madrid-based Garrido led his squad in 2012. He joined the firm in September 2007 from Dresdner Kleinwort, where he also covered this sector, and holds bachelor’s degrees in law and business administration from Spain’s Instituto Católico de Administración y Dirección de Empresas of the Comillas Pontifical University. Together with teammates in London and Mumbai, Garrido follows 30 European utilities. They upgraded Spain’s Enagas from neutral to overweight in July, after the government announced tax cuts for renewable energy that ensured the natural-gas provider’s cash-flow visibility. The stock subsequently jumped 23.9 percent, through last month, climbing to €28.10 during a period when the regional sector gained less than 1 percent. J.P. Morgan’s researchers possess an “unrivaled understanding of the underlying businesses and regulatory dynamics of southern European utilities,” one asset manager insists.
